“We need to bring the same level of quantitative, theoretical rigor, based on the frontier of research in psychiatry, to the question of macroeconomics and mental health that we bring to the question of whether the interest rate should be decreased by quarter point,” Tsyvinski said.

Concerned that inflation was not subsiding fast enough, the RBA last week raised interest rates a quarter point to a 12-year high of 4.35%.

Sticky inflation is keeping a hawkish bias in Aussie money markets, which are pricing in at least one more quarter point hike next year.

Following a hotter-than-expected third-quarter inflation print, where the RBA's preferred measure of core inflation rose to 1.2%, markets price a near 60% chance of a quarter point hike.

Only 12 economists forecast a quarter point rise to 5.50% at the November Monetary Policy Committee meeting.